Author: Katie OSullivan

Moving Into Spring, Lack of Inventory Continues

Welcome Spring: A Season of Renewal and Real Estate Opportunities

As we bid farewell to winter, the vibrant spirit of spring is upon us. The melting snow unveils smiling faces eager for outdoor adventures, from mountain biking to trail running. The community’s enthusiasm is palpable, with many embracing the sunny days for running and cycling and excitement for trails drying out for mountain biking, hiking and trail running.

Quarterly Market Update: A Glimpse into Canmore’s Real Estate Dynamics

With the first quarter behind us, it’s time to examine the larger picture of our real estate market. Despite a familiar refrain post-lockdown, we’re still navigating through a period marked by scarce inventory. Yet, historical patterns suggest a potential increase in listings as the year progresses, with a typical downturn as we approach winter.

Market Insights: Understanding Months of Inventory

Monitoring inventory duration is crucial for assessing market conditions. A balanced market in Canmore is best represented by 4 to 6 months of inventory, striking a harmonious balance between availability and demand. Here’s a snapshot of the average inventory duration for the past years:

• 2019: 5.92 months
• 2020: 7.63 months
• 2021: 1.48 months
• 2022: 1.33 months
• 2023: 3.48 months
• 2024: 2.72 months

Currently, it would take roughly 2.72 months to sell all listed properties, reinforcing our status as a buyer-friendly market.

Pricing Trends: A Closer Look at Property Values

The initial quarter of 2024 has seen slight price adjustments. Townhomes and apartments have witnessed modest decreases, while single-family homes and hotel condos have experienced price escalations. For tailored advice on how these trends impact your property interests, our team is here to provide expert guidance.

Your Trusted Real Estate Partners

Thank you for entrusting us with your real estate needs in Canmore/Banff. If you or someone you know is considering buying or selling, we’re ready to assist. Your referrals are the greatest compliment to our dedicated service.

We are thrilled to announce the sale of 5 Blue Grouse Ridge, Canmore. Congratulations to everyone involved in this transaction.

This 4+ bedroom 4,031 sqft home in tranquil Blue Grouse Ridge captures panoramic mountain views from Three Sisters down the Rundle Range. The generous foyer flows into the open Great room all with custom log features and brilliant maple flooring. The living room has a corner River stone wood burning fireplace, vaulted ceilings and great views of Ha-Ling Mount Rundle that steps out to the sunny southwest facing deck and hot tub, all with access to the rear yard. The spacious kitchen is perfectly laid out with abundant windows, workspace, storage, and island. Also on this main level is the spacious dining area that enjoys the same sweeping mountain views, kitchen pantry, half bath, an office or potential 5 bedroom and mud room with access to the double car garage. Don’t miss the elevator that accesses all floors including the garage. On the 2nd floor is the primary retreat with vaulted ceiling + a spa like 6 pcs ensuite with heated floors, jetted tub, and double sink plus another bedroom, 4 piece bath and sunbathed loft family room and separate office area. The lower level has another family room, wet bar, 3rd, and 4th bedroom, 4 piece bath, storage and mechanical room all with inslab heat. Other features and some upgrades are A/C, Generac generator, new shingles, pls ask for the entire list.

Full Listing: canmorerealestate.com/featured-listing/5-blue-grouse-ridge/

Snowy Season and Stable Market in Canmore

We are delighted to witness the arrival of a huge amount of snow that transformed our area into a true winter wonderland. The local ski resorts have received between 63 and 89cm of snow in the past week, making a great start to March and prolonging the Winter ski season which is welcomed by many.

Our real estate market is still facing a big shortage of inventory, but the number of sales remains steady or slightly higher than the pre-pandemic levels. The lack of inventory has been a persistent issue since the beginning of 2021. In the last 12 months the average listing inventory  is 37% lower than the average from five years ago. The number of new listings in the past year is 26% lower than five years ago. These numbers indicate a stable market. Buyers need to be patient for the right option to come to the market or be flexible in their search. They need to be ready to move when they do find the right property.

Another metric we use to monitor the market trends is the months of inventory. This measure shows the balance between supply and demand in the market. It indicates how long it would take to sell all the current active listings based on the current sales rate. A balanced market usually has between 3 and 6 months of inventory. We used to say 4 and 6 months, but we have adjusted it to 3-6 months based on our experience. In February, our market had 2.91 months of inventory, which is close to the lower end of the range. The lowest we had in the past year was 1.22 and the highest was 4.61. This confirms our view that it is still a seller’s market, driven by low inventory and high demand from buyers.

If you are thinking of selling your home, this may be the ideal time. We would love to meet with you and discuss how this market situation affects you and your property. We are eager to assist you with your real estate needs today or in the future. If you know someone who is looking to buy or sell, please let us know, we appreciate your referrals!

We are also thrilled to support the YWCA in the VINEart Gala and Auction on March 16th. The Gala is sold out, but you can still participate by buying raffle tickets or bidding on the silent auction items (links below). We are very proud of our 20+ year relationship with the YWCA and Bow Valley Victim’s services through the Royal LePage Women’s Shelter. During this time, we have raised over $85,000 in the valley for this noble cause which keeps all our donations local. YWCA Banff is dedicated to creating a safe and inclusive Bow Valley that empowers women and their communities for a better future.

www.ywcabanff.ca/events/vineart-gala-auction/

https://www.vineartauction.ca/

What is a Land Transfer Registration Fee?

Alberta doesn’t have a land transfer tax. Instead, the government charges a land transfer registration fee: one to process the transfer of the property title and another to register your mortgage.  Recently, the government of Alberta announced an increase in the land titles registration fees in the 2024 Budget. Despite this increase its worth noting that Alberta’s land title transfer fees remain the lowest in Canada.

What is the Fee Amount?

In the past, The fee was $2 per $5,000 of the properties purchase price plus $50. The Fee has increased $3 making it that you pay $50 plus $5 per $5,000 of the property’s purchase price for the title transfer. The table below shows a comparative of the fee from BC, ON, QC, AND AB.

Land Transfer Registration Fee Based on Total Purchase Price

The graph below shows us a comparative of the land titles registration fee from different price points based on the entire purchase price of the property.

Mortgage Registration Fee Based on Mortgage Price

The graph below shows us a comparative of the land titles registration fee from different price points based on the mortgage of the property. The mortgage amounts below reflect 80% of the Purchase Price of the table above

Although the increase in the land title registration fee may seem like a lot it is important note that it is the lowest fee in the country.

The full budget is available on alberta.ca 

Check out of March 2024 Newsletter to get recent updates on our local market.

We are thrilled to announce  1, 829 Wilson Way has sold. that Congratulations to everyone involved in the sale of the beautiful home.

Panoramic mountain views abound from this spacious and bright open plan townhouse that features a sunken living room with lofty ceilings along with a gas fireplace with rundle stone surround plus a huge front view deck for early morning and afternoon sun. The living room opens to the dining room and kitchen that features stone countertops, upgraded appliances, pine cabinets, corner pantry and access to the large south facing patio that backs onto Wild Lands Conservation District zoning. Also on this floor is the laundry room and a powder room. The top floor hosts two large bedrooms, both with four piece ensuite baths. Another balcony completes the upper floor. On the entry level there is a large third bedroom or family room, a third full bath and tile entry all with toe warming inslab heat. Completing this 1,670 square foot home is a large single car garage, perfect for all your mountain toys.

Full listing: canmorerealestate.com/featured-listing/1-829-wilson-way/